Tag: women
Female Bankruptcies Are Rising
by admin on Sep.14, 2009, under Debt Advice
Summary
In recent years bankruptcies and debt linked to women have escalated severely. This article looks at the trends and investigates the cause.
While concentration has focused on high-status business bankruptcies like that of Millers, new data revealed by the Insolvency Service reveal that numerous individuals are going bust – and many of them are ladies
In the last 6 years bankruptcies amongst ladies have risen nearly fourfold. In fact they now make up 40 per cent of all bankruptcies with young females under the age of thirty five most prone to experience financial breakdown.
The statistics from the Bankruptcy Service made known that last year 24,100 ladies were declared bankrupt, up from only 6,646 in 2004. With males the figure was 37,975, that’s roughly 250% higher than the 15,741 which were declared bankrupt in 2003.
This signifies that eight years ago ladies made up twenty five per cent of bankrupts, but by last year that had increased to 38%.
In general, individuals aged between 32 and 42 are most apt to go bust. But with females it’s the youngsters that are possiblymost at risk, the twenty four to34 years of age.
The swift growth of female insolvency is most likely linked to both reckless spending when getting a loan was too easy and their increased exposure owing to the escalating numbers of women who don’t have marriage or family support. It is apparent that more ladies are running up unmanageable debts as they attempt to uphold extravagant lifestyles.
They want to spend like Nichole Richie but just don’t have the money to repay the debts they run up. It’s daunting as they increasingly have to borrow more to get on the property ladder and if they live alone, there is nobody to contribute to the financial liability.
On the whole, some specialist financial advisers consider that insolvencyamong females would quickly match levels amongst gentlemen.
But theories by Ministers of Parliament, that females are particularly open to being made redundant were shown to be wrong by the Office for National Statistics (ONS) last month. It said redundancy amongst females is running at at 1/2 the rate of men, and more women are protected as a higher proportion of them work in the public sector.
But the rise in ladies insolvency and debt insinuate that women are distressed for reasons over and above cuts in employment and income. Social studies have frequently confirmed that divorce leaves gentlemen much better off than females, usually because ladies more often than not take the children.
But if a cohabiting couplebreak up, the gentleman has no financial obligation to the female. And between five and six million Britons cohabit.
And a growing proporton of ladies have choosen to stay single either to continue with careers that may now be doubtful, or because of a benefit system that rewards single mothers but penalises couples.
Many of us get into financial trouble from time to time and some of us rely on our relations to help us out. These bankruptcies amongst ladies are a product of too manywomen being alone without financial assistance.
